Einride lists on Nasdaq at $1.35 billion, down from the $5 billion it once discussed with banks
TL;DR
Swedish driverless trucking company Einride listed on Nasdaq via SPAC at $1.35bn, down 73% from the $5bn once discussed with banks. Autonomous trucking rivals Aurora and Kodiak have struggled after listing. Revenue not disclosed.
Einride, the Swedish electric and autonomous trucking startup, began trading on the Nasdaq on Wednesday through a merger with blank-check firm Legato Merger Corp III. The deal values the company at approximately $1.35 billion pre-money, down from the $1.8 billion announced in November and well below the roughly $5 billion discussed in earlier IPO talks with banks, according to the Financial Times.
CEO Roozbeh Charli said the company accepted the lower valuation to attract better investors. “We chose to prioritise bringing in good investors at a valuation that we felt was appropriate,” he said.
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